When I try to draw a shape, I can't seem to get it to create a new layer, but rather it always goes on the layer that I already have selected. How do I create a new layer from a shape that I wish to draw? Otherwise, I can't seem to edit its colour....

In relation to this, I watched a tutorial and each time the guy drew a new shape it created a coloured thumbnail linked to a thumbnail with the shape inside of a grey box. For me, currently, the shapes just keep appearing on transparent layer thumbnails.

If you've already created the shape/path, you can also just select it and create a new fill/gradient layer. Photoshop will then use that path as a vector mask for the new fill/gradient layer.
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Lèse majestéDec 23 '12 at 21:19

My shape options tool bar doesn't look as pictured... Please see updated question description to see how it looks. Thus, not sure how to perform this function :/
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zakgottliebDec 24 '12 at 10:06

Thanks again, Skaught. I suppose a mini follow-up question is, which is the best option to use as a best practice? I'm sure it depends on what you're trying to accomplish, but all things being equal, is it better to create shapes on new layers?
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zakgottliebDec 24 '12 at 11:36

There really is no "best" method. It all depends on what you are creating. Shapes can be easier to control and edit after the fact, but pixels may suit a particular need more.
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ScottDec 24 '12 at 11:42

As you can see in the screen shot I posted, I had the "Fill Pixels" button selected over to the left, rather than the "Shape Layer" button. This was in Photoshop CS5, so potentially you were suggesting the same solution but in a different version, Skaught... Thank you in any case.